Matsushita Electric Industrial, owner of the consumer electronics brand Panasonic, is looking to sell off its share of Victor Company of Japan (better known as JVC) to the audio equipment maker, Kenwood, according to various news reports.
Japan's largest business newspaper, Nihon Keizai, said Saturday that Matsushita was in talks to unload its 52.4 percent stake in JVC to Kenwood.
Both Kenwood and Matsushita have issued carefully-worded non-denials about the sale. Kenwood has said that "nothing has been decided yet" while Matsushita said it has, "not decided anything in regards to the sale of its stake in Victor Company of Japan."
Matsushita supposedly has been looking to unload its stake in JVC after the company has racked up losses in three of the past five quarters. If Kenwood bought a stake in JVC, it would give the company access to a 79-year-old brand as well as technologies for developing liquid-crystal displays and DVD recorders.